SEPOY.net
No Result
View All Result
Thursday, June 19, 2025
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
No Result
View All Result
SEPOY.NET
No Result
View All Result
Home Business

Why brokerages need to step up their digital insights

Nicholas by Nicholas
October 18, 2022
in Business
0

Only 38% of insurance brokerages are using their management systems to produce data analytics solutions for their employees, clients and stakeholders, finds Applied System’s ‘Digital Agency Annual Report.’

READ ALSO

How brokers can create better intake forms  

WINMAR® (Canada) International, Ltd., Announces New Ownership in Calgary, AB

That’s concerning, considering 99% of brokerages have a management system, which suggests a large majority (62%) of agencies are underusing their systems’ abilities to produce useful data and insights, the survey of 603 independent agencies in the U.S. and Canada found. 

“Data analytics solutions act as an agency’s data scientist and help visualize raw data into actionable insights using interactive dashboards. They provide real-time data analysis on employee productivity, client relationships, market share and revenue, and carrier relationships empowering you to easily track and analyze valuable metrics that matter most to your agency,” the report stated.  

However, brokerages are doing better at producing data analytics than they have in the past. There was a 27% increase year-over-year in the adoption of data analytics solutions, jumping to 38% in 2022 from 30% in 2021, the survey said.  

Overall, Applied’s survey found just over half (51%) of agencies have a digital strategy. Of those, 65% developed strategies that only focused on one to two years; 32% of agencies created strategies looking out three-to-five years; and 3% of agencies on six-to-10 years. 

However, agencies without a strategy may miss out on improved customer retention and acquisition, increased employee productivity and satisfaction, and time and money savings, Applied found.  

“In a system that provides an online experience like popular apps and online services, your employees can more easily access account and policy details, complete a quote, process a claim, and more. Fewer clicks and streamlined workflows mean more productivity,” the report read.  

Automation, including back-office accounting and front-office sales, may also save time and reduce operating costs. “By using value insights across the entire book of business, agents can make better-informed business decisions,” said the report

That said, 33% of agencies use a marketing automation application, the highest adopters being agencies with annual revenue of less than $1.25 million (35%). 

Further, the report found 20% of agencies use standalone CRM and/or sales automation applications. Of those, agencies with larger revenues are the highest adopters.  

Revenues of $10 million to $25 million show a 25% adoption rate, followed by agencies with revenues of $2.5 million to $4.99 million (22%), and agencies with revenue of less than $1.25 million (19%). 

Agencies with revenue of less than $1.25 million annually are also the highest adopters of technology that allows staff to interact with their management systems outside of the office via mobile devices. However, 62% of agencies overall use employee mobile applications.  

By servicing accounts on the go, agencies may be able to increase new business and renewals, Applied found.  

“A mobile app for employees can receive payments on outstanding bill invoices to reduce receivables. As an added bonus, agents can start an application on-site while the team in the office begins the quoting process in real-time.”  

 

Feature image by iStock.com/ipopba

Source

Related Posts

How brokers can create better intake forms  
Business

How brokers can create better intake forms  

June 19, 2025
WINMAR® (Canada) International, Ltd., Announces New Ownership in Calgary, AB
Business

WINMAR® (Canada) International, Ltd., Announces New Ownership in Calgary, AB

June 19, 2025
How Canada’s insurers can build more effective cyber programs
Business

How Canada’s insurers can build more effective cyber programs

June 18, 2025
B.C. district seeks cost recovery from insurance companies when called out to house fires
Business

B.C. district seeks cost recovery from insurance companies when called out to house fires

June 18, 2025
How brokers can avoid lawsuits
Business

How brokers can avoid lawsuits

June 18, 2025
B.C.’s biggest wildfire classified as ‘being held’ thanks to recent rain
Business

B.C.’s biggest wildfire classified as ‘being held’ thanks to recent rain

June 17, 2025
Next Post

Are electric vehicles cheaper to insure?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About

Sepoy.net is a perfect place for people who want daily updates on news related to business, technology, entertainment, health, cryptocurrency etc.

Contact: hello@sepoy.net

Major Categories

News

Business

Tech

Economy

 

Recent Posts

  • Cyrus herpes, Wager Free, A real income Big Break slot big win Give 2025!
  • Cyrus the herpes virus Position Gamble Lucky Nugget 150 free spins 2024 no deposit within the a demonstration Function and Real money
  • Gamble Cyrus Herpes from the Yggdrasil for free casino 10 free spins no deposit to the Casino Pearls

Pages

  • About Us
  • Contact Us
  • Disclaimer
  • DMCA
  • Home
  • Privacy Policy

© 2023 Sepoy.net

No Result
View All Result
  • Home
  • Business
  • News
  • Health
  • Tech
  • Science
  • Lifestyle
  • Travel

© 2023 Sepoy.net